Consumer trends that will shape travel in 2024

20-12-23

• Euromonitor's annual study of global consumer travel trends could shape travel shopping next year.

Many web surfers have recently complained that ChatGPT has become lazy. However, a year after its launch, OpenAI's generative artificial intelligence has taken off in astonishing fashion. Within two months of its launch, ChatGPT gained 100 million users, making it one of the most popular and fastest-growing consumer applications in history. Moreover, experts predict that this technology will become increasingly integrated into our daily lives.

Travel professionals are already considering how generative AI could improve the customer experience. Forty-two percent of respondents suggested integrating it into travel or shopping planning. However, it is essential to understand the implications of generative AI and set clear standards for responsible implementation in organizations. The potential impact of this technology cannot be ignored. However, governance remains a gray area that requires attention.

Over the past two years, our world has been in a perpetual crisis, marked by economic uncertainty, political unrest and climate disasters. According to Euromonitor, all this noxious noise has taken its toll on people's mental health. Today, people are looking for daily doses of happiness to brighten their lives. Brands that can add points of joy and happiness to their campaigns will be able to establish stronger connections with their customers, experts say. These distractions often leave a lasting impact and improve brand perception and customer relationships.

A survey has revealed that 55% of consumers prefer to shop at stores that create engaging experiences. In addition, 29% are willing to let brands personalize their experiences based on their mood. Adding clever or creative messaging to order confirmation emails or in-store signage can help better engage audiences. In short, brands should find opportunities to stimulate customers and add playful touches, but always stay true to their brand personality.

As for companies, 33% of surveyed professionals are exploring experiential store formats. This is also a challenge for travel agencies.

2024

Consumers have made remarkable strides in recent years to protect the planet. In 2023, more than 60% of consumers took steps to positively influence the environment in their daily lives. Despite this, climate disasters continue to occur. Consumers understand that their efforts have limitations and therefore reject messages that place the burden solely on their behavior. Instead, they expect organizations to lead and demonstrate their environmental commitments.

Greenwashing, the practice of making misleading or unproven claims about the environmental benefits of a service or product, is no longer acceptable. In particular, consumers will hold companies accountable. However, inaction is not a solution either. Although some consumers are discouraged by obstacles such as affordability and distrust, environmental concerns remain at the forefront.

Although reducing carbon emissions ranks 5th among the actions taken by consumers in 2023, compared to 2022, companies must structure their efforts. According to the study, 45% of companies plan to invest in certification programs to avoid being accused of greenwashing in the next five years.

Social and political movements continue to spark debate around the world. According to predictions, major elections in 2024 are expected to further increase tensions. The nature of these issues is often charged and divisive, leading to a progressively polarized landscape. Predicting how consumers will respond to brands taking a stand on these hot-button issues is difficult. As a result, experts recommend that companies approach these issues with caution and stay true to their brand ethos.

Inflation has caused three out of four consumers to worry about rising prices for everyday products. However, consumers are still looking for the best deals and won't give up what they want.

Value Hackers find smart ways to optimize their budget without sacrificing quality. To cater to budget-conscious consumers, companies need to strengthen incentives, innovate in pricing and meet their needs by considering factors other than price. Experts point out that loyalty programs can help consumers earn points for future purchases, especially in the hospitality sector. Many brands have recently revamped their loyalty programs or plan to develop them significantly.